PATH TO BANKRUPTCY? Ford Losing $132,000 on Every Electric Vehicle Sold This Year
Ford is losing a staggering amount on every electric vehicle (EV) it sold in the first quarter of 2024, underlining the financially unsustainable nature of the industry.
The company reported a loss of $1.3 billion in its electric vehicle division in the first quarter results, equivalent to $132,000 for each of the 10,000 EVs it sold in the past three months.
CNN reports:
Ford, like most automakers, has announced plans to shift from traditional gas-powered vehicles to EVs in coming years. But it is the only traditional automaker to break out results of its retail EV sales. And the results it reported Wednesday show another sign of the profit pressures on the EV business at Ford and other automakers.
